EUR/USD is climbing up. If it breaks out the key psychological mark at 1.1900, it may surge to the high of August 19 at 1.19500. Otherwise, if it falls below the yesterday low at 1.1830, it will open doors to the next support of 1.1800.
Gold is trading sideways. The move below the recent low of $1 925 will drive the price lower to $1 912. On the flip side, if it jumps above the high of August 14 at $1 960, it will rally further to high levels of early August at $1 980.
The mixed data from Japan came out this morning. The core CPI was worse than expectations: 0.0%, while the forecast was 0.1%. At the same time, the manufacturing PMI was 46.6, which is slightly better than anticipated 45.0. The Japanese yen is driving lower. If it crosses the 23.6% Fibonacci level of 105.55, it may drop even further to the low of July 30 of 105.15. In the opposite scenario, if it surges above the 38.2% Fibonacci level of 105.85, it may jump to the 50% Fibo level at 106.10.
Finally, let’s have a look at S&P 500. It is trading just below the all-time high of 3 390. The current risk-on sentiment may push it higher to 3 400. On the flip side, if it breaks down the low of August 20, it may fall even deeper to the low of August 12 at 3 330.
Pay attention to economic releases today. Starting from 10:15 MT time there will be French, German, European, British and US PMI reports.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
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